I went and got Canni 2 at level 53 (!) after reading this thread and decided to figure out what the HP/mana conversions were for both spells at my level.
Canni 1: 25 mana for 50 HP. 0.5 mana per HP spent.
Canni 2: 30 mana for 67 HP. 0.45 mana per HP spent.
I was surprised since the wiki says that Canni 2 gets more efficient as you level, and 30 mana was the lowest return listed; I assumed that by 53, it would give more mana. Yet, it doesn't.
This leaves me kind of conflicted. On the one hand, if you time your med ticks between canni casts (I don't bother doing this, especially because of client-server lag making it confusing), then certainly it seems like Canni 1 is the better option. On the other hand, if you don't do this, or you're not doing a lot of medding during a given fight (maybe you're busy casting root and epic on multiple mobs), there may be some argument for Canni 2: even if it's less efficient, it gives you more mana if your time for casting it repeatedly is limited, and also, you will be able to get in more meditation time if you're spending less time casting it.
In any case, I think that the lower efficiency makes Canni 2 less attractive than people in this thread have been saying. An argument could be made for sticking with Canni 1 most of the time (though personally I'm probably gonna go with 2).
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